Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0208%/8h= −22.8% APRpaid last 24h −0.031%

Price spread now: Bybit against GMX−0.047%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.047% cheaper against GMX than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2140	L +0.0308% / S −0.0754%	pay 0.0039% / 1h	38m 02s	$59K	—	100x
Short	Bybit ENAUSDT	0.2139	0.0100	get 0.0050% / 4h	3h 38m	$88.9M	$194.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee BybitbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$43.68
Price spread: −0.047% → 0.000%: −$4.72
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$71.4
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 1 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.23 bp	8.5 bp −$9	14.6 bp −$146	59.3 bp −$5,928	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ENA on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ENA_USDC	−0.0094%	4h	0.2139	−0.052%	$44K	$16K	10x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2140	+0.018%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2140	+0.023%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2140	+0.009%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.767%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0085%	1h	0.2140	−0.002%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2142	+0.093%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2139	−0.038%	$52K	$493K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2137	−0.128%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2140	+0.007%	$566K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2141	+0.056%	$116.7M	$76.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2140	−0.014%	$1.4M	$3.4M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2139	−0.047%	$410K	$569K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2139	−0.016%	$130.1M	$432.2M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2139	−0.047%	$88.9M	$194.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2139	−0.024%	$21.1M	$110.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2137	−0.127%	$28K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2140	+0.009%	$79K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2140	+0.009%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2139	−0.038%	$13.3M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2140	+0.014%	$40.9M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2141	+0.042%	$25.2M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2137	−0.131%	$48.4M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2139	−0.043%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.043%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2142	+0.093%	$255K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2152	+0.552%	$359K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	+0.009%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	+0.093%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2090	−2.332%	$1K	$928K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2139	−0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2145	+0.257%	$266K	$837K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	+0.056%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2138	−0.071%	$1.6M	$4.6M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2140	+0.009%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2146	+0.294%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2139	−0.016%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0261%	1h	0.2141	+0.046%	$416K	$478K	5x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0308% / S −0.0754%	1h	0.2140	long leg	$59K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2137	−0.136%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2140	−0.009%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2140	+0.014%	$795K	$2.0M	50x	as long as short